A Memorandum of Understanding was signed on Wednesday 12 May 2021 to enhance the collaboration between the Ministry for the Economy and Industry and the Foundation for the Promotion of Entrepreneurial Initiatives (FPEI) to further encourage new ideas from prospective entrepreneurs, to the tune of €300,000.
ZAAR Crowdfunding, the platform established through the FPEI, which is an alternative means to access finances and attract new entrepreneurs, is being supported through more funding.
ZAAR managed to achieve an 82% funding success rate in 2020, and it was crucial to springboard 26 projects onto the market.
It is the first offering as a donation/reward-based crowdfunding platform, to support local start-ups as an alterative for the financing of their business ideas.
Minister for the Economy and Industry, Hon. Silvio Schembri said the government is aware that the financing of ideas to be converted into businesses remains a challenge, and as announced in this year’s budget, a fund will be established to attract venture capitalists to invest in potential new ideas.
Pro-Rector of the University of Malta, Saviour Zammit, reiterated the commitment of the University of Malta to support crowdfunding in Malta in order to to fund creative ideas, including innovative business start ups, and bring them to fruition.
“The collaboration between the University of Malta and the Malta Business Bureau has been very successful in the setting up of the ZAAR crowdfunding platform. The support of the Ministry for Enterprise, Investment and Small Business FPEI has been instrumental in helping start-up companies, artists, NGOs and other organisations generate funds to support their projects, products, services, and arts, cultural and social events", Prof Zammit stressed.
“We are constantly collaborating to help many people through the resources we offer. Government assistance allowed us to create new aid for NGOs that have come forward, and we look forward to strengthening this work”, he continued.
Mr Matthew Caruana from ZAAT Crowdfunding said that ZAAR was set up to turn ideas into businesses, grow and generate revenue and employment.
Director of FPEI, Me Joe Tanti concluded by saying “The Malta Business Bureau and the University of Malta have developed a strategic partnership to foster University-business collaboration focused on entrepreneurship, ZAAR being our flagship initiative. The success rate of ZAAR projects that reach their funding target is running at 88%. The three start-ups which we saw today are testament to this and encourage us to work harder for better results.”